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Sensex Tumbles 316 Points; Nifty Nears 10,100

Indian shares erased early gains to end sharply lower on Friday as a rebound in oil prices and growing fiscal deficit concerns overshadowed positive GDP and manufacturing data.

Disappointing core sector output figures, increasing chances of a U.S. rate hike in December and a delay in a vote on tax reform in the U.S. also sapped investors' appetite for risk.

While India's GDP growth rebounded from a three-year low in the June quarter, the pace of growth was far below from the 7.5 percent recorded in the September quarter of 2016-17.

India's core infrastructure sector output grew 4.7 percent in October, matching the September growth, while manufacturing activity expanded at the sharpest pace in just over a year in November, driven by marked growth in both output and new orders. The Nikkei manufacturing PMI climbed to 52.6 from 50.3 in October.

The benchmark BSE Sensex gave up early gains to end the session down 316.41 points or 0.95 percent at 32.832.94 while the broader Nifty index closed at 10,121.80, down 104.75 points or 1.02 percent from its previous close.

Tech Mahindra, Indiabulls Housing Finance, Adani Ports, Vedanta, GAIL and Bajaj Auto lost 3-4 percent in the Nifty pack.

by RTTNews Staff Writer

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